Insurers will be all too aware that you can’t afford to stand still in this market for too long. The question is where will the impetus to avoid that and to stand out from competitors come from over the next few years?
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With low interest rates set to last for even longer and constrain investment returns, the core business of underwriting risk will need to hit its share of financial objectives. Prime sources of efficiency improvement opportunities as we see them are likely to be intelligent automation, finance and process transformation, better portfolio management, and more extensive digitalisation of back room operations. The more insurers can enable their people to focus on value-adding work and support decision making with timely insight the better.
Equally, digitalisation could provide the route to new customers and distribution, while enhanced data and analytics capabilities are likely to be an important and increasing factor in multiple areas, including product innovation.
